Can I retire at age 62 with 942,000?

Use the below retirement simulation to view the chances of a successful retirement.
Confused? Try the simple retirement calculator
About Your Retirement ?
Current Age
Retirement Age
Current Savings $
Annual Deposits $
Annual Withdrawals $
Stock market crash:
Portfolio ?
% in Stocks:
% in Bonds:
% in Cash:
Modify Stock Returns:
0%
Modify Bond Returns:
0%
Modify Cash Returns:
0%
Modify Inflation:
0%
How much money do I need to retire?

This retirement calculator runs simulations based on past data from the S&P 500, 10 Year Treasury Bond, 3 month T-Bill, and US inflation. For each year of each simulation, a random return and inflation amount is chosen.

How to use: Enter your current age and the age when you retire. Then enter your current savings, the amount that you can save annually before you retire, and the amount that you plan to withdraw after retirement. Your annual deposits and withdrawals take inflation into account. For example, if you need $50,000 to live on in retirement using today's dollars, we will automatically take into account the cost of living for your retirement years. The same is true for your annual deposits. Next, decide if you'd like to simulate a stock market crash.

In the portfolio section, choose the makeup of your portfolio with stocks, bonds, and cash. Cash assumes that your money is stored in a savings account. You can then alter the future returns and inflation. For example, if the market has historically returned about 10%, but you think the future will be worse, modify the stock returns by -3%, and the future returns will average out to 7%. Investment fees can also lower stock market returns. Many index funds and ETFs offer extremely low fees and expenses.

Many people receive income in retirement, such as social security, pension plans, part time jobs, annuities, and other benefits. This would allow you to take out smaller distributions every year. Please note that taxes must also be considered, but are not used in this simulation. A 401k, Roth IRA, and Traditional IRA are taxed differently than a standard investment account, as are dividends.

Note: This assumes that the future is at least somewhat like the past. In reality, anything could happen. The Soviet Union collapsed, Japan's Nikkei Index is still well below its 1989 peak. Numerous other markets have changed drastically and never recovered. However, this online tool is helpful in retirement planning and estimating how much you might need for retirement, especially those hoping to retire early. We recommend receiving advice from a financial planner.

Want to retire with $942,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.7%
1 years$77,789$77,097$76,421$75,761$75,116$73,963
2 years$38,510$37,792$37,097$36,423$35,770$34,611
3 years$25,418$24,698$24,004$23,337$22,694$21,565
4 years$18,874$18,155$17,469$16,813$16,185$15,096
5 years$14,948$14,234$13,557$12,914$12,304$11,256
6 years$12,332$11,623$10,956$10,327$9,736$8,731
7 years$10,464$9,761$9,104$8,491$7,918$6,957
8 years$9,063$8,367$7,721$7,123$6,568$5,651
9 years$7,975$7,285$6,650$6,067$5,532$4,657
10 years$7,104$6,421$5,798$5,230$4,713$3,881
11 years$6,393$5,717$5,104$4,551$4,054$3,263
12 years$5,800$5,131$4,530$3,992$3,513$2,763
13 years$5,299$4,637$4,047$3,525$3,063$2,352
14 years$4,870$4,215$3,636$3,129$2,685$2,013
15 years$4,498$3,850$3,283$2,790$2,364$1,729
16 years$4,173$3,533$2,977$2,498$2,089$1,490
17 years$3,887$3,253$2,709$2,245$1,853$1,288
18 years$3,633$3,006$2,473$2,023$1,647$1,115
19 years$3,406$2,786$2,264$1,828$1,468$968
20 years$3,202$2,589$2,077$1,656$1,312$842
21 years$3,017$2,412$1,911$1,503$1,174$733
22 years$2,850$2,251$1,761$1,366$1,052$639
23 years$2,697$2,105$1,626$1,244$944$558
24 years$2,557$1,973$1,504$1,135$849$487
25 years$2,429$1,851$1,393$1,036$764$426
26 years$2,310$1,740$1,292$948$688$373
27 years$2,201$1,637$1,200$867$620$327
28 years$2,100$1,543$1,115$795$560$286
29 years$2,005$1,456$1,038$729$505$251
30 years$1,918$1,375$967$669$457$220
31 years$1,836$1,299$901$614$413$193
32 years$1,759$1,230$841$564$373$169
33 years$1,687$1,164$785$519$338$149
34 years$1,619$1,104$734$478$306$130
35 years$1,556$1,047$686$440$277$115
36 years$1,496$994$642$405$251$101
37 years$1,440$944$600$373$228$88
38 years$1,386$897$562$344$206$78
39 years$1,336$853$527$317$187$68
40 years$1,288$811$494$292$170$60
41 years$1,242$772$463$270$154$53
42 years$1,199$736$434$249$140$46
43 years$1,158$701$408$230$127$41
44 years$1,119$668$383$212$115$36
45 years$1,082$637$359$196$104$31
46 years$1,047$608$337$181$95$28
47 years$1,013$580$317$167$86$24
48 years$980$554$298$155$78$21
49 years$949$529$280$143$71$19
50 years$920$505$263$132$65$17

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $942,000, adding $5,703 every year, while hoping to spend $48,464 every year in retirement. These numbers increase with inflation.
Reality usually performs much different than the expected returns. This uses historical averages, but anything can happen. In general, riskier investments have greater returns on average, but more volatility in the short term.
Age Total: 100% Stocks Total: 100% Bonds Total: 100% Cash Total: 52/33/15 Blend
61$942,000$942,000$942,000$942,000
62$1,043,967$994,041$979,440$1,093,743
63$1,098,886$991,183$960,686$1,125,582
64$1,157,783$986,562$939,679$1,154,596
65$1,221,011$980,038$916,293$1,185,069
66$1,288,961$971,467$890,395$1,217,154
67$1,362,059$960,692$861,848$1,251,019
68$1,440,774$947,551$830,505$1,286,854
69$1,525,622$931,870$796,215$1,324,872
70$1,617,167$913,463$758,820$1,365,307
71$1,716,032$892,137$718,154$1,408,423
72$1,822,899$867,683$674,044$1,454,514
73$1,938,519$839,884$626,309$1,503,905
74$2,063,718$808,509$574,761$1,556,961
75$2,199,402$773,310$519,200$1,614,085
76$2,346,569$734,031$459,422$1,675,728
77$2,506,317$690,396$395,210$1,742,391
78$2,679,851$642,115$326,339$1,814,629
79$2,868,500$588,883$252,575$1,893,061
80$3,073,722$530,373$173,672$1,978,374
81$3,297,125$466,245$89,373$2,071,330
82$3,540,477$396,136$0$2,172,775
83$3,805,723$319,664$0$2,283,743
84$4,095,003$236,424$0$2,420,453
85$4,410,674$145,990$0$2,569,788
86$4,755,330$47,910$0$2,733,078
87$5,131,827$0$0$2,911,794
88$5,543,306$0$0$3,128,731
89$5,993,230$0$0$3,385,049
90$6,485,408$0$0$3,665,534
91$7,024,035$0$0$3,972,587
92$7,613,732$0$0$4,308,854
93$8,259,585$0$0$4,677,248
94$8,967,196$0$0$5,080,979
95$9,742,735$0$0$5,523,580
96$10,592,997$0$0$6,008,944
97$11,525,466$0$0$6,541,356
98$12,548,384$0$0$7,125,538
99$13,670,830$0$0$7,766,691
100$14,902,805$0$0$8,470,544